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Patterson UTI (PTEN) Jumps on Impressive Horizontal Rig Count

By  +Follow October 4, 2013 8:22AM
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Shares for Patterson-UTI Energy Inc. (PTEN) were trading 5 percent higher on Friday, on news that the oil and gas drilling and exploration company had some 190 rigs operating in the US and Canada.

The announcement is significant in that it comes in the wake of oilfield services leader Baker Hughes (BHI) released a report that indicated weaker demand for drilling rigs in the US. More than 100 of Patterson’s rig operate in the US.

The Baker Hughes report also showed that what demand does currently exist is the result of greater need for unconventional, horizontal drilling rigs that have the capability of tapping in to the US’s growing number of shale-based oil and natural gas deposits, and this is the source of Friday’s bullishness on Patterson’s stock.

Indeed, while other drillers, particularly Helmerlich & Payne (HP) currently operates the largest number of AC-powered horizontal drilling rigs in the US, with a total on average of about 270. Nabors Industries Ltd. (NBR) comes in second with 245 such rigs, but Patterson is catching up with a current and growing total of 117.

With a market-cap of $3.3 billion, however, Patterson is less than half the size of Helmerlich (nearly $8 billion), and is also smaller than Nabors (about $5 billion). Patterson has also been having a strong year, with its stock advancing over 20 percent in 2013, and looks to be on course to join the upper tier of mid-cap drillers and explorers.

The company is set to release its quarterly earnings statement on October 24. Shares were crawling steadily towards $24, approaching a 52-week high of $25.30 in Friday trading.

 

 

[Image Courtesy of Wikimedia Commons]

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for pten
Karl Eggerss
30 Sep 14 05:33:44
Street #upgrades: $LMT $AA $ICUI $AMAG $CENX $RDS.A $AHP $NWBI $RTN $TK $FBC $CSC $TM $PTEN $ADUS $TIBX $ASBFY $SSE $NUVA $MLNX $NI
US Consumer News
30 Sep 14 04:08:46
Patterson-UTI Energy upgraded by Morgan Stanley to equal weight. http://t.co/GR69MLaw8N $PTEN #PTEN
Media Sentiment
30 Sep 14 04:05:26
$PTEN received a new alert. Find out why at http://t.co/nZwqRf3BRT #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 63
Analyst Ratings
30 Sep 14 04:04:45
Patterson-UTI Energy upgraded by Morgan Stanley to equal weight. http://t.co/y7HkV3mEhB $PTEN #PTEN
Media Sentiment
30 Sep 14 03:54:57
$PTEN received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 56
SIAnalystWire
30 Sep 14 03:52:35
Morgan Stanley Upgrades Patterson-UTI Energy $PTEN to Equalweight http://t.co/pLEnmgfOIY
4-traders.com
29 Sep 14 03:20:15
PATTERSON UTI ENERGY : Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K) http://t.co/fJV3X38iZr $PTEN
BV Basic Materials
29 Sep 14 03:19:06
$PTEN Patterson Uti Energy Inc files Form 8-K (Events or Changes Between Quarterly Reports) SEC Filing.. http://t.co/nwIH9fuw6o
NASDAQ
29 Sep 14 03:19:06
$PTEN - Current Report Filing (8-k) http://t.co/fxtPZ3P6rg
Instrumental Data
29 Sep 14 03:18:19
PATTERSON UTI ENERGY INC $PTEN 8-K now available
JP Morgains
29 Sep 14 00:55:57
RT @RaginCajun: Weekend Top 100 | http://t.co/Q3Wqayfm0Q $DECK $WRES $HBI $TSCO $TOT $CF $NSC $GPRE $WNR $FDX $RES $PNR $GPOR $PTEN $TSO $B…
ej meltzer
27 Sep 14 16:44:41
RT @RaginCajun: Weekend Top 100 | http://t.co/Q3Wqayfm0Q $DECK $WRES $HBI $TSCO $TOT $CF $NSC $GPRE $WNR $FDX $RES $PNR $GPOR $PTEN $TSO $B…
RC
27 Sep 14 16:38:24
Weekend Top 100 | http://t.co/Q3Wqayfm0Q $DECK $WRES $HBI $TSCO $TOT $CF $NSC $GPRE $WNR $FDX $RES $PNR $GPOR $PTEN $TSO $BEE $SLB $HAL $AA
G. Thomas Lackey Jr
26 Sep 14 17:03:24
September 26, 2014 RS Movers http://t.co/glHFuz4ObU $FDN $CF $BMRN $MU $SGEN $ALXN $OIS $ENDP $KMB $PTEN $KBH $NAV $FSLR $OKE $CYS
Jack Trader
26 Sep 14 14:32:17
$PTEN Patterson-UTI Energy Inc.: Patterson-UTI Energy Announces Third Quarter ... http://t.co/MRRw29Yjy9
Peter Bardens
26 Sep 14 14:32:16
$PTEN Wells Fargo & Co. Initiates Coverage on Patterson-UTI Energy (PTEN) http://t.co/bnjVZ7xuOM
Harry Walkman
26 Sep 14 09:01:19
$PTEN Wells Fargo & Co. Initiates Coverage on Patterson-UTI Energy (PTEN) http://t.co/fnrQiisGCV
Thomas Collins
26 Sep 14 08:00:51
$PTEN Patterson-UTI Energy Inc.: Patterson-UTI Energy Announces Agreement to ... http://t.co/uMV7IWQ60u
Ticker Report
26 Sep 14 05:17:06
Wells Fargo & Co. Initiates Coverage on Patterson-UTI Energy $PTEN http://t.co/yQBoloZidt
finsents
26 Sep 14 04:14:24
$PTEN:US 26Sep Negative News #Sentiment http://t.co/yP5eMndPlH #NASDAQ
Market Int Center
25 Sep 14 12:07:26
Patterson UTI Energy $PTEN Showing Neutral Technicals ( http://t.co/dE2OjeJPmx )
Jake13
25 Sep 14 09:59:40
$RFMD Opinion Click here to find out if $RFMD is a buy hold or sell. Watching these stocks. $TWTR $PTEN $EDZ $ http://t.co/YJ3tALvjFY
Investors Hangout
25 Sep 14 09:25:39
lookn4wins: $PTEN Stock Chart $PTEN Most recent stock chart http://t.co/1tdYFRlCh0
Investors Hangout
25 Sep 14 09:25:39
lookn4wins: $PTEN Stock Chart $PTEN Most recent stock chart http://t.co/8GuQsn4zNj
iHangout
25 Sep 14 09:02:36
http://t.co/vVojvVrNNL lookn4wins: HDOG HUB: $PTEN Stock Chart $PTEN Most recent stock chart http://t.co/Y6Cqz1w5uP
Jake13
25 Sep 14 08:57:49
$VALE Buy or Sell? Click here to find out if $VALE is a buy hold or sell. Watching these stocks. $PTEN $GOGO $ http://t.co/FQwxxzzj6S
WKRB News
25 Sep 14 08:12:10
Patterson-UTI Energy Earns Outperform Rating from Analysts at Wells Fargo & Co. $PTEN http://t.co/2ChPskVseq
Investors Hangout
25 Sep 14 07:34:38
Stock_Tracker: $PTEN Recent News Nasdaq nails the 200-day moving http://t.co/BSjpn98yHs
Investors Hangout
25 Sep 14 07:34:37
Stock_Tracker: $PTEN Recent News Nasdaq nails the 200-day moving http://t.co/HMcE2H05vw
lookn4wins
25 Sep 14 07:28:27
$GRCU TA $GRCU Most recent stock chart and technical analysis. $VDSI $BABA $UUP $BABA $PTEN $RIG http://stockc http://t.co/CmAVUq8tDR
leahanne
25 Sep 14 07:22:30
$CAT Caterpillar Inc (CAT) 100.39 -0.81 (-0.80%) $PTEN $RRX.TO $RSH http://t.co/Lm4VBhJ8Is
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25 Sep 14 07:15:37
$PTEN Recent News Nasdaq nails the 200-day moving average 10:59 a.m. April 16, 2014 - Michael Ashbaugh Slow-mo http://t.co/hoalfhkPDa
danrocks
25 Sep 14 06:58:08
$IBM alot of talk going around about this one $C $IYT $EXAS $JDST $PTEN http://t.co/Q2RUd74IOf
US Banking News
25 Sep 14 03:14:04
Research Analysts’ Weekly Ratings Changes for Patterson-UTI Energy $PTEN http://t.co/RXUH02qpxE
Media Sentiment
24 Sep 14 12:10:25
$PTEN received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 339
Market Int Center
24 Sep 14 12:09:52
Patterson UTI Energy $PTEN Showing Bearish Technicals With Support At $31.59 ( http://t.co/HskSRkvxCN )
FlashRatingsHOT
24 Sep 14 09:49:26
$PTEN has 3 analyst ratings in the last 7 days and 100% are positive. Median target: $42.5 (30% upside). View here: https://t.co/ONDSMGNEu9
Ben Silverberg
24 Sep 14 09:40:49
Wells Fargo high on Oil Services Sector $OIH, initiates $HAL $PES $PTEN $SLB with "OP" ratings, and $SPN $WFT with "MP" ratings
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24 Sep 14 08:25:51
RT @ZacksResearch: Don't miss our weekly Oil and Gas roundup! $RRC $COP $PTEN $SU $XOM $WNR $LINE $TSO $RIG http://t.co/Hnqo7aHRed
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24 Sep 14 08:25:34
Don't miss our weekly Oil and Gas roundup! $RRC $COP $PTEN $SU $XOM $WNR $LINE $TSO $RIG http://t.co/Hnqo7aHRed
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24 Sep 14 08:07:27
Patterson-UTI Energy Earns Outperform Rating from Analysts at Wells Fargo & Co. $PTEN http://t.co/G9X1FABUm3
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24 Sep 14 07:06:11
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MVora
24 Sep 14 05:47:27
$PTEN another energy chart on my list- 30 ish sup. If holds above 150 d ema here chances are goes higher
US Banking News
24 Sep 14 05:07:09
Patterson-UTI Energy Receives New Coverage from Analysts at Wells Fargo & Co. $PTEN http://t.co/RtPfWBCoJJ
Analyst Ratings
24 Sep 14 04:34:49
Patterson-UTI Energy initiated by Wells Fargo & Co. at outperform. http://t.co/yFRkKzHzca $PTEN #PTEN
US Consumer News
24 Sep 14 04:34:24
Patterson-UTI Energy initiated by Wells Fargo & Co. at outperform. http://t.co/WBLpxGjASP $PTEN #PTEN
Stock Moo
24 Sep 14 03:44:54
$pten: Patterson-UTI Energy Announces Third Quarter Earnings Conference Call and Webcast http://t.co/rQMgERLwvn
4-traders.com
24 Sep 14 03:05:03
Patterson UTI Energy : Announces Third Quarter Earnings Conference Call and Webcast http://t.co/THWzutYWnT $PTEN
$Stocknewsalerts
24 Sep 14 03:03:57
$PTEN Patterson-UTI Energy Announces Third Quarter Earnings Conference Call and Webcast From our Stock News Alerts App
				
				
By  +Follow October 4, 2013 8:22AM
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